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Mapletree Industrial Trust (MIT) saw its distribution per unit (DPU) for the fourth quarter ended 31 March 2017 increase 1.8 percent quarter-on-quarter to 2.88 Singapore cents.
Gross revenue and net property income both climbed by four percent quarter-on-quarter to S$87.81 million and S$65.97 million respectively. Distributable income climbed 1.3 percent quarter-on-quarter to S$51.75 million.
For the financial year 2016/2017, DPU and distributable income rose 2.2 percent and 3.6 percent to 11.39 Singapore cents and S$204.96 million, respectively, from the previous year.
Gross revenue expanded by 2.7 percent to S$340.6 million, while net property income grew 4.8 percent to S$256.8 million.
“MIT delivered higher DPU in FY16/17 amid the uncertain business environment as all property segments registered higher rental rates coupled with initial contribution from Phase One of the BTS development for Hewlett-Packard and lower property expenses,” said Tham Kuo Wei, chief executive officer of the trust’s manager.
“We expect the Hi-Tech Buildings segment to be a significant growth driver as we progressively complete development projects including the recently announced BTS data centre which has commenced construction.”
In an SGX filing, MIT revealed that average portfolio occupancy for Q4 2016/2017 marginally increased to 93.1 percent from 92.1 percent in the previous quarter. Average portfolio passing rent also increased to S$1.94 per sq ft per month (psf/mth) from S$1.93 psf/mth previously.
Looking ahead, MIT expects the business environment to remain uncertain, despite positive data on the manufacturing sector.
“The continued supply of competing industrial space and movement of tenants are expected to exert pressure on rental and occupancy rates,” it said, noting that it will continue “to focus on tenant retention to maintain a stable portfolio occupancy”.
This article was edited by Denise Djong.
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